For first time home buyers, the escrow process can be confusing. With so much jargon and information regarding your new purchase, you may not entirely understand what is happening when you buy a house for the first time. Among these confusing aspects of purchasing a house is the process of being in escrow. Being in escrow occurs in between the time a seller accepts an offer, and the buyer receives the keys to the newly purchased home. In this post from the Pauly Presely blog, we’ll give you a high-level overview of the escrow process, and what you should expect when you’re in escrow.
Opening An Escrow Account
When the seller and buyer come to an agreement on the sale of a house, the purchaser's money will be deposited into an escrow account by…
